EUR/USD: euro may first consolidate in intraday before resuming decline (UOB)

UOB believes that the EUR/USD should consolidate today on the forex before continuing its decline later.

"The EUR/USD fell to 1.1686 yesterday. While this clearly reversed the immediate downward pressures, it seems too early to anticipate a sustained movement under the major support at 1.1685/90 (this threshold was already tested last week but held).

The EUR/USD is more likely to consolidate its losses for the time being, evolving near the lows, before a further fall can be anticipated later.

We expect a range of 1.1690/1.1775 for today."